Waste-to-Energy Market is Expected to Grow at an Impressive CAGR
Global
Waste-to-Energy Market is expected to grow due to rising energy demands and increasing
waste generation during the forecast period of 2024-2028.
According
to TechSci Research report, Global Waste-to-Energy Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028, the global waste-to-energy
market is anticipated to register robust growth during the forecast period. The
waste-to-energy (WtE) market is anticipated to be significantly impacted by the
rising amount of trash produced globally. For instance, according to the
World Bank, trash production will nearly double from its current level to 6
million tonnes per day by 2025.
While
using WtE technologies, non-recyclable trash is transformed into useful forms
of energy. Waste is heated during combustion, creating superheated steam that
powers turbogenerators to create energy. Most towns are running out of landfill
sites—the conventional means of disposing of waste management has become
essential. Governments must develop efficient and sustainable waste management
strategies, including WTE technology, because of the steadily declining amount
of available land and the burgeoning population of cities.
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" Global Waste-to-Energy Market”
Global
waste-to-energy market is segmented based on technology, waste type,
application, and region. Based on technology, the market is bifurcated into
thermochemical and biochemical. Based on waste type, the market is segmented
into municipal solid waste, process waste, agricultural waste, and others.
Based on application, the market is bifurcated into electricity and heat. Based
on region, the market is segmented into North America, Asia-Pacific, Europe,
South America, Middle East & Africa. Based on technology, biochemical is
expected to hold the largest market share due to crucial role in reducing waste.
Anaerobic digestion technique is widely used in biochemical technology to
produce biogas. The dominance of biochemical technology in the worldwide waste
to energy market share is expected to grow as result of the expanding trend of
producing power through biomass. The EU institutions decided in June 2018 on
a new renewable energy directive for the following ten years. This
directive includes a legally binding European Union EU-wide objective of 32%
for renewable energy by 2030, due to which the biogas industry will surely
help.
Due
to the market's growth, relatively low technology costs, and high efficiency of
roughly 25%, this trend is anticipated to continue. Additionally, burning
accepts all waste types and is appropriate for both urban and rural regions.
Based
on Waste Type, Municipal Solid Waste Dominates Market due to increasing trash
production from homes, workplaces, stores, schools, hospitals, hotels, and
other organizations, municipal solid waste represents a disproportionately
large percentage of this market. However, the U.S. Environmental Protection
Agency (EPA) government organizations had established a framework that
focuses on recycling garbage created as raw material, which is likely to
encourage the recycling of waste by one such organization.
Based
on application, electricity production from waste results in dominating share,
high electricity output from waste sources derives from increasing electricity and
renewable energy sources to decrease depending on fossil fuels and lower CO2
emissions. The formation of usable heat from trash is widely employed for
various heating applications in residential and industrial sectors. The
extraordinary expansion of WtE for heat generation applications is due to the
production of heat as a byproduct of energy from waste with added profits.
Based
on region, Asia Pacific is the dominating region. The waste-to-energy sector
has experienced tremendous growth in Asia-Pacific in recent years. With
increasing efforts made by the government to adopt better MSW management
practices, offer incentives for waste-to-energy projects in the form of capital
subsidies and feed-in tariffs, and provide financial support for R&D
projects on a cost-sharing basis, it has gained market dominance across the
globe.
Key
market players in the global
waste-to-energy Market are:
- Veolia Environnement SA
- Hitachi Zosen Corporation
- Wheelabrator Technologies Holdings
Inc.
- Babcock & Wilcox Enterprises,
Inc.
- Mitsubishi Heavy Industries Ltd
- Waste Management Inc.
- Covanta Holding Corp.
- China Everbright Group
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“Over
the course of the projection period, it is anticipated that favorable
regulatory policies encouraging effective waste disposal, energy generation,
and rising energy demands from the end-use sector will play a significant role
in driving market expansion. Given the fast depletion of conventional energy
sources, governments are concentrating on commercializing alternative energy
sources including Waste to Energy (WTE) technologies. Additionally, it is
anticipated that the implementation of environmental rules pertaining to the
reduction of carbon emissions from the use of fossil fuels will further spur the
market growth” said, Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
“Waste-to-Energy Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F, Segmented
By Technology (Thermochemical, Biochemical), By Waste Type (Municipal Solid
Waste, Process Waste, Agricultural waste, and Others), By Application (Electricity,
Heat), By Region and Competition”
has
evaluated the future growth potential of Waste-to-Energy Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Waste-to-Energy Market.
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